Long Island Economy Needs Diversity

Joseph ByrneThursday, May 30, 2013

The shackles of recession are holding tight to Long Island and the only way we are going to loosen the shackles is to start diversifying the regional economy. The only job growth that has been seen is in low wage retail jobs and this is not what Long Island truly needs. Instead, Long Island needs to focus on long term planning and sound land use to bring in quality tech businesses and tech incubators to add diversity.

Industrial acreage is giving way to residential and commercial acreage, which makes it more difficult to attract new tech businesses to Long Island. This hampers the ability of Long Island to rebound economically. Reliance on one economic sector, such as retail, is not healthy. A diversified economy is what keeps recession at bay and helps protect the workforce from economic ups and downs.

For future generations to want to start families on Long Island, they have to feel as if there is economic opportunity. That is not the case as of right now. With long term planning and a regional affordable housing policy, the foundation can be laid, however, to help Long Island’s future generations to stay on the Island for years to come.